. At such times people do not have finances to meet these needs. They are then required to apply for short term loans.
These advances are granted for a short period of time. They are granted to suit ant need the borrower may have. These needs may be like paying for repairs or clearing an outstanding phone bill.
The financial assistance provided to the borrower ranges from 80 - 1500, for a period of 1- 30days. It has to be repaid at the end of the term. Since these advances are for a short term period, the rate of interest charged is high. The lender is at a risk while lending such finances as if the borrower defaults in repayment of the credit, he cannot recover the finance from him. The period of repayment is flexible to a certain extent; it can coincide with the borrowers payday. If the repayment term is extended, a fee is charged.
Short term loans can be easily and conveniently applied for. The borrower can to do so by registering for this service online. This omits the need for lengthy paper work. The online form has to be submitted with all correct personal information. After verification of the form, the advance will be automatically transferred into the saving account on the very same day. This helps save the borrowers time and money. The terms and conditions of short term loans must be read carefully before applying.
To be eligible to apply for such credits; the borrower must be a permanent citizen of the UK. He is required to be over 18years of age. He must be employed and must have a monthly salary of more than 1000 per month. He must have a valid bank account and a credit card.